TRADE

China Warns of Trade War, Still Wants to Talk: China made the remarks to the United States over a textile dispute that is threatening one of Beijing’s most lucrative exports. But Chinese officials said they want to solve the problem through negotiation. China’s Ministry of Foreign Trade and Economic Cooperation lodged a protest against the U.S. decision made Thursday to slash China’s textile quotas by 25% to 35%, effective Jan. 17. A spokesman said China would retaliate if Washington followed through with the cuts. The United States has accused China of cheating on textile exports to the tune of $2 billion a year. Beijing sends one-third of its exports to the United States and is banking on renewed export growth to extend an economic boom.